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Resources: Financial Accounting: Tools for Business Decision Making

Prepare the liabilities section of O'Brian's balance sheet using the following information:
Accounts payable $157,000
Notes payable (due May 1, 2018) $20,000
Bonds payable (due 2021) $900,000
Unearned rent revenue $240,000
Discount on bonds payable $41,000
FICA taxes payable $7,800
Interest payable (due 2019) $80,000
Income taxes payable $3,500
Sales taxes payable $1,700

The Liabilities Section of O'Brian's balance sheet must be 525 words.

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